I’m a Numbers Gal!

New Bride? Let’s Talk Taxes

July 6, 2012 — Connie Holt, E.A., ATA, ATP

Whether you are a new bride or a bride-to-be, congratulations! If you thought your “To Do” lists would end with “I Do”…think again. You just have a different set of lists for all the things that need to be considered, decided and acted upon. And these lists won’t be nearly as much fun, but if left undone can be costly or very problematic. Here’s a list to get you started:

Address and/or Name Change – Notify

Post Office

Employer

Insurance

IRS

Banks

State Department of Revenue

Creditors

Investments

Professional Advisors

Memberships

School

Social Security

Driver’s License

Subscriptions

Professional Credentials

Social Media

Family/Friends

Software & Online Accounts

Personal Finances and Legal – Update

Bank Account Ownership

Credit Cards

Beneficiary – Insurance

Real Estate Ownership

Motor Vehicles

Beneficiary – Retirement Accts

Wills & Estate Planning

Credit Bureau

Contracts, Deeds, Loans

Taxes – Planning

Tax Projection for year of marriage AND for full year following marriage

Update federal & state withholding for year of marriage AND January 1 following your marriage

Depending upon when your marriage occurs, you need to do tax planning for the year of your wedding and the full year following your marriage. Because your marital status changes for tax purposes during the calendar year, you tax situation will be different than if you were married on January 1. Tax planning for both years are important and you shouldn’t assume they will the same. Planning will allow you to make updates to your payroll withholding for both tax periods and not have any surprises when it is time to file your tax returns.

It is great to have tax planning done prior to beginning your wedding plans so you can include tax considerations, as part of your financial plans. I know very few brides-to-be who include this on their wedding plan agenda, so be sure it is done as soon as you return from your honeymoon.